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- December 13, 2016On Tuesday, December 13, 2016, the Federal Housing Finance Agency (FHFA) issued a final rule on Fannie and Freddie (Enterprises) Duty to Serve Underserved Markets. The final rule establishes coordinated processes for the Enterprises to establish plans for their Duty to Serve activities to submit to FHFA, and requirements for FHFA to annually evaluate, rate, and report to Congress each Enterprise'...December 12, 2016On Monday, December 12, 2016, the FDIC, Federal Reserve Board, and OCC issued interagency final rules increasing the number of small banks and savings associations eligible for an 18-month examination cycle rather than a 12-month cycle. The interagency rules are intended to reduce regulatory compliance costs for smaller institutions, while maintaining safety and soundness protections. These rules...December 8, 2016On Wednesday, December 8, 2016, CBA and the Credit Union National Association (CUNA), the Independent Community Bankers of America (ICBA), and the National Association of Federal Credit Unions (NAFCU) submitted a letter to Senate leaders calling for the implementation of a five-person bipartisan commission at the CFPB. The letter, addressed to U.S. Senate Majority Leader Mitch McConnell (R-KY)...December 8, 2016On Monday, December 5, 2016, the Federal Reserve issued a research paper outlining how a shared distributed ledger can significantly improve cross-border payments, trade settlements and market transparency. This marked the Fed’s first major overview of digital currency technology. "In theory, the distributed and consensus-forming aspects of [a distributed ledger] could allow for multiple parties...December 8, 2016On Friday, December 2, the CFPB released its updated rulemaking agenda for fall of 2016. The agenda includes items in the pre-rule, proposed rule, and final rule stages. The CFPB highlighted in a blog post several “developing initiatives,” including arbitration, debt collection, overdraft, and payday, auto title and similar lending products. Although the agenda sets timelines for the CFPB’s...December 7, 2016On Wednesday, December 7, 2016, the CFPB took action against three reverse mortgage companies for alleged deceptive advertisements, such as claiming that consumers could not lose their homes. The Bureau ordered American Advisors Group, Reverse Mortgage Solutions, and Aegean Financial to cease deceptive advertising practices, implement systems to ensure they are complying with all laws, and pay...December 2, 2016On Friday, December 2, 2016, Comptroller of the Currency Thomas Curry announced the OCC intends to grant special purpose charters to fintech companies and released a whitepaper detailing the parameters and seeking comment. The whitepaper describes the OCC’s legal authority to create special purpose charters for fintech companies. It also discusses the chartering process and baseline supervisory...December 1, 2016CFPB Releases Small Entity Compliance Guide for Mortgage Servicing On Thursday, December 1, 2016, the CFPB issued an updated Mortgage Servicing Small Entity Compliance Guide on Mortgage Servicing, incorporating recent changes made to the Mortgage Servicing Rule. The amended Rule will be effective October 19, 2017; however, the provisions relating to successors in interest and periodic statements...December 1, 2016On Thursday, December 1, 2016, the CFPB Ombudsman published the Office’s fifth annual report to the agency’s Director, Richard Cordray. During fiscal year 2016, the Ombudsman’s Office focused on the memorialization of ex parte communications and issue identification in the CFPB Complaint Database. The Office also reported on its continued reviews of the CFPB field hearing process and defining...December 1, 2016On Thursday, December 1, 2016, Comptroller of the Currency Thomas Curry discussed efforts to enhance compliance supervision and the Community Reinvestment Act (CRA). Speaking to a gathering of the National Association of Affordable Housing Lenders, he also noted CRA performance and compliance are critical aspects of the business of banking.